McDonald's Brings in New CEO, Stock Rallies on Shakeup News

After months of struggling sales and disappointing results, McDonald's CEO Don Thompson is stepping down. The world's biggest hamburger chain has been hit hard by changing perceptions of the fast food industry and competition from competitors. The new CEO has been named as Steve Easterbrook, McDonald's' former Chief brand and strategy officer. The British executive was credited with recharging the company's UK business and has also served as the president of McDonald's Northern Europe. He left the McDonald's family in 2011 to serve as the CEO of UK chain Pizza express and then the Japanese inspired restaurant group Wagamamas. But returned to McDonald's in 2013. The fast food chain looks to be counting on Easterbrook's rebranding and marketing strengths to boost the company's public image and lackluster sales. The stock slumped around 3.5 percent last year, the worst results in more than a decade. However, shares rallied on the news of the new CEO appointment, who will take over in March.